Latest news with #E-Pakistan
Business Recorder
01-07-2025
- Business
- Business Recorder
Agenda of sustainable economic progress being implemented: Ahsan
LAHORE: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said on Monday the government is implementing an agenda of sustainable economic progress. 'The government is pursuing a goal of achieving taking economy of Pakistan to one trillion dollar by the year 2035,' Ahsan said, adding: 'Our development model is to transform economic development through exports.' While inaugurating a modern classroom at the Pakistan Administrative Staff College (PASC)/ National School of Public Policy (NSPP) here Monday, Ahsan presented a comprehensive roadmap for governance reforms and institutional performance improvement, emphasising the transition from a procedure-focused to a mission-driven bureaucracy. 'The country is facing a crucial moment requiring data-driven, technology-enabled and accountable governance,' he said, adding: 'We must build institutions that are policy-consistent and shielded from political volatility, ensure transparency in decision-making, foster agility to respond to changing demands and instil responsibility in the use of public resources.' Ahsan Iqbal outlined the government's long-term economic vision under the banner of 'URAAN Pakistan', which aims at making Pakistan a $1 trillion economy by 2035. He said the strategy is built on the five pillars of the 5Es: Exports, E-Pakistan, Environment, Energy & Infrastructure and Equity & Empowerment. The minister said steps are being taken to restore public confidence in good governance, by following the policy of making bureaucracy a stable, transparent, agile and responsible. He also urged the officers to play a leading role in enabling export-led growth, digitising government operations, building climate resilience, improving infrastructure delivery and ensuring inclusive development. He said the civil servants must play their vital role for Pakistan's transformation, adding that the system must be reformed to deliver better outcomes. He introduced the STAR model — Stable, Transparent, Agile and Responsible — as a governance framework to guide civil service transformation. He commended the role of civil servants to make the China-Pakistan Economic Corridor (CPEC) a success which showed the dedication of Pakistan's civil servants. He reminded the participants that public service is a responsibility and leadership in Islam is a duty, not a privilege. The minister encouraged the course participants to take part in the training with a spirit of service, creativity and commitment to the national development. Copyright Business Recorder, 2025
Express Tribune
22-06-2025
- Business
- Express Tribune
An ideal five-year economic policy
Listen to article Navigating a complex domestic and global landscape, Pakistan stands at a critical juncture. The recently unveiled budget for fiscal year 2025-26, while a step towards fiscal consolidation, underscores the nation's pressing need for a comprehensive and sustained five-year economic policy. Such a policy must not only address immediate crises but also lay the groundwork for long-term, inclusive, and sustainable growth. This article outlines an ideal economic roadmap for Pakistan for the next five years, predicated on the latest budget, the nation's current economic structure, and the prevailing global political economy. The 2025-26 budget signals a clear intent to stabilise the economy, largely in alignment with the stringent conditions of a new International Monetary Fund (IMF) programme. Key features include a significant increase in the tax-to-GDP ratio through new levies on salaried individuals, real estate, and retail sectors, a hike in the petroleum development levy, and a substantial allocation for the Public Sector Development Programme (PSDP). While these measures are crucial for fiscal discipline and revenue generation, they must be embedded within a broader, more strategic economic vision for the nation. The global political and economic landscape presents a myriad of complexities. As a nation heavily reliant on imports for essential commodities and on exports to a few key markets like the European Union and the United States, Pakistan is susceptible to global economic slowdowns and trade protectionism. Geopolitical tensions in the region, including the fragile situation in Afghanistan and the perennially strained relationship with India, create an environment of uncertainty that deters foreign investment. The strategic partnership with China, embodied by the China-Pakistan Economic Corridor (CPEC), offers significant opportunities for infrastructure development but also brings with it debt obligations and the need for careful management to ensure its benefits are widely distributed. In this context, an ideal five-year economic policy for Pakistan should be anchored in a bold vision of achieving economic sovereignty through sustainable and inclusive growth. The government's own "Uraan Pakistan" five-year plan, with its focus on the "Five Es" – Exports, E-Pakistan, Equity and Empowerment, Environment, and Energy – provides a solid framework. The immediate priority must be to continue on the path of fiscal consolidation outlined in the latest budget, but with a greater emphasis on equity and efficiency. Instead of repeatedly squeezing the existing narrow base of taxpayers, the focus must shift to bringing untaxed and undertaxed sectors, such as real estate and agriculture, into the tax net. A progressive taxation system where the wealthy contribute their fair share is essential for social cohesion and sustainable revenue generation. A comprehensive review of government expenditures is necessary to cut non-essential spending. However, austerity measures should not come at the expense of critical social sectors like health and education. The State Bank of Pakistan (SBP) must be given full autonomy to function independently to effectively manage inflation and maintain a stable exchange rate. A market-driven exchange rate is crucial for export competitiveness. The perennial drain on the national exchequer from loss-making SOEs must be plugged through a transparent and strategic privatisation process. Pakistan's long-term prosperity hinges on its ability to transition from an import-dependent to an export-led growth model. A five-year strategy should focus on: i) Moving beyond the traditional reliance on textiles, Pakistan must actively promote and incentivise exports in sectors with high growth potential, such as information technology, pharmaceuticals, and high-value agricultural products. ii) Addressing the high cost of doing business by ensuring a reliable and affordable energy supply, improving infrastructure, and streamlining regulatory processes is paramount. CPEC projects should be leveraged to enhance regional connectivity and reduce logistical costs. iii) Proactively seeking new markets and strengthening trade relationships with existing partners through strategic trade agreements will be crucial. The global digital economy presents a massive opportunity for Pakistan's youthful and tech-savvy population. A dedicated focus on "E-Pakistan" should involve: i) Ensuring widespread access to high-speed and affordable internet is the foundation upon which a digital economy is built. ii) Providing a conducive ecosystem for IT companies and freelancers through tax incentives, skill development programmes, and access to international payment gateways can significantly boost foreign exchange earnings. iii) Leveraging technology to improve governance, enhance transparency, and reduce corruption will have a far-reaching positive impact on the overall economic environment. No economic policy can be successful without investing in the country's greatest asset: its people. This requires: i) A radical overhaul of the education system is needed to produce a workforce equipped with the skills required for the 21st-century economy. A focus on vocational training and technical education is essential. ii) Increasing female labour force participation is not just a matter of social justice but also a critical economic imperative. iii) Providing a safe and supportive environment for women in the workplace can unlock immense economic potential. iv) Increased allocation for the Benazir Income Support Programme (BISP) in the latest budget is a welcome step. These programmes must be further strengthened and expanded to protect the most vulnerable segments of the population from economic shocks. Pakistan's long-term economic viability is intrinsically linked to its ability to manage its energy and environmental challenges. A forward-looking policy should prioritise: i) Tackling the circular debt through a combination of tariff rationalisation, improved governance in distribution companies, and a crackdown on electricity theft is non-negotiable. ii) A strategic shift towards indigenous and renewable energy sources, such as solar, wind, and hydropower, will not only reduce the import bill but also contribute to a cleaner environment. iii) Investing in climate-resilient infrastructure and promoting sustainable agricultural practices are essential to mitigate the economic impact of future climate-related disasters. The next five years present a window of opportunity for Pakistan to break free from the shackles of its past economic struggles. The path is arduous and requires difficult choices and sustained commitment. By embracing a holistic and forward-looking economic policy that balances fiscal discipline with pro-growth reforms, invests in its people, and adapts to the realities of the global political economy, Pakistan can forge a path towards a more prosperous and resilient future. The journey of a thousand miles begins with a single step, and for Pakistan, that first step must be a resolute commitment to a new economic paradigm. The writer is an international economist
Business Recorder
29-05-2025
- Business
- Business Recorder
Ahsan vows to deepen cooperation with World Bank
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has reaffirmed Pakistan's commitment to deepening cooperation with the World Bank in pursuit of a resilient, inclusive, and future-ready Pakistan. He was talking to the newly appointed Country Director of the World Bank Bolorma Amgaabazar, who called on him in Islamabad on Wednesday. The outgoing Country Director, Najy Benhassine, also participated in the meeting. Welcoming Amgaa-bazar, Minister Ahsan Iqbal appreciated the World Bank's continued partnership and acknowledged Benhass-ine's instrumental role in deepening development cooperation during his tenure. He expressed confidence that this positive trajectory will continue under Amgaabazar's leadership, especially under the evolving priorities set forth in Pakistan's long-term development road-map. Minister Iqbal emphasised that the government has launched the URAAN Pakistan initiative — a comprehensive and future-oriented development framework designed to position Pakistan as a $3 trillion economy by 2047. He noted that the initiative is rooted in five strategic pillars, known as the 5Es: Exports, E-Pakistan, Environment and Climate Resilience, Energy and Infrastructure, and Equity, Ethics and Empowerment. The initiative is focused on smart governance, inclusive growth, and public sector transformation. 'In today's fast-changing global context, planning must be intelligent and adaptive,' said the Minister. 'URAAN Pakistan is about creating hope, harnessing innovation, and enabling long-term stability through scenario-based planning and institutional reform.' Copyright Business Recorder, 2025
Express Tribune
09-05-2025
- Business
- Express Tribune
Aurangzeb addresses London moot
Listen to article Minister for Finance and Revenue, Senator Muhammad Aurangzeb, delivered a keynote address at the Jefferies' 'Pakistan Access Day' interactive conference co-hosted by KTrade Securities in London on Thursday. The event brought together a distinguished audience comprising top global institutional investors, senior executives from leading international banks, investment firms, and professionals from both the public and private sectors, said a press release received here today. The Advisor to the Prime Minister on Privatisation, Muhammad Ali, also attended and addressed the forum, which served as a vital platform to showcase Pakistan's economic progress and investment outlook to the international business community. Senator Aurangzeb underscored the government's firm commitment to macroeconomic reform and structural transformation and the government's resolve to stay the course to bring permanence to this macroeconomic stability. He stated that the country had made substantial progress toward achieving macroeconomic stability, with key economic indicators now reflecting improved resilience and discipline. "We have successfully navigated a period of significant external and domestic challenges, and Pakistan today stands on the foundation of restored macroeconomic stability," the Minister noted. "Through bold and far-reaching reforms, we have reinstated fiscal discipline, strengthened our external position, and rebuilt investor confidence." He highlighted that Pakistan posted a primary budget surplus of Rs3.6 trillion during the first half of FY2025, while inflation has seen a remarkable declinereaching just 0.3% in April 2025, the lowest level recorded in over a decade. These gains, he added, have been acknowledged internationally with Fitch upgrading Pakistan's sovereign credit rating from CCC+ to B-, reflecting renewed market confidence. Looking ahead, Senator Aurangzeb outlined Pakistan's ambitious economic targets, including 6% annual GDP growth by persisting with structural reforms in taxation, energy, SOEs, privatisation, pension and public finance, an expansion of exports to $ 50 billion, inflation moderation to 6%, and the development of a $5 billion ICT freelancing industry. Additionally, Pakistan aims to cut greenhouse gas emissions by 50%, raise the share of renewable energy to 10%, and reduce income poverty by 13%, he added. He emphasised that these goals are embedded within the Government's comprehensive "5Es Framework"focusing on Exports, E-Pakistan (IT), Environment & Climate Change, Energy & Infrastructure, and Equity, Ethics, and Empowerment. The Finance Minister reaffirmed the Government's policy of limiting its role to providing a robust and consistent policy framework, while allowing the private sector to take the lead in driving growth. He pointed to increasing private sector representation in top policy forums as a testament to this approach. Further, Senator Aurangzeb detailed the ongoing efforts to improve the investment climate in Pakistan. He highlighted the Investment Policy 2023, which offers clear protections and incentives for foreign investors, and the Special Investment Facilitation Council (SIFC), which serves as a streamlined "one-window" platform for expediting investment processes. "We are committed to making Pakistan's investment ecosystem more transparent, efficient, and investor-friendly," he said. "Over 160 regulatory reforms have already been implemented under the Pakistan Regulatory Modernisation Initiative (PRMI), and we are launching the Pakistan Business Portal to simplify business registration and approvals through digital integration." Additionally, he noted that Pakistan's reformed visa regime now allows for 24-hour e-visas for citizens of 126 countriesfurther facilitating international business engagement. Addressing the gathering, Advisor to the Prime Minister on Privatisation, Muhammad Ali, presented a detailed overview of the privatisation roadmap for state-owned entities (SOEs). He emphasised the transparency and competitiveness of the ongoing processes and highlighted the significant investment opportunities with attractive returns available across various sectors of the Pakistani economy. Ali reaffirmed that the Government's privatisation drive is focused on ensuring efficient service delivery and unlocking value for the public while creating a favourable environment for private capital. The conference concluded with renewed optimism and expressions of interest from international stakeholders, affirming Pakistan's strategic relevance and potential in the global economic landscape.
Business Recorder
23-04-2025
- Business
- Business Recorder
Inclusive prosperity promotion: Minister calls for Pakistan-ASEAN technology alliance
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has called for a technology alliance between Pakistan and ASEAN to promote inclusive prosperity. The minister expressed these views while addressing the ASEAN-Pakistan Technology Expo 2025 as the chief guest at the National University of Sciences and Technology (NUST) in Islamabad on Monday. The minister said that our vision is to make Pakistan a knowledge economy that empowers the youth, strengthens its industries and plays a meaningful role in regional cooperation. The two-day event brought together distinguished delegates from ASEAN member states, academia, industry leaders, and students to foster collaboration in science, technology, and innovation. The minister underscored the significance of the Expo as a symbol of shared commitment between Pakistan and ASEAN nations to harness the transformative power of technology. He emphasised the dual nature of technological change, which offers immense promise but also presents serious challenges. From artificial intelligence to clean energy, Iqbal noted that disruptive innovations are reshaping global economies and societies, and highlighted the risks posed by the growing technology gap, digital divide, and skills mismatch in developing regions. Iqbal outlined the common challenges faced by Pakistan and ASEAN countries, including climate change, youth unemployment, and uneven digital infrastructure, while also pointing to shared strengths such as a young and tech-savvy population, robust universities, and a growing appetite for innovation. He stated that this synergy forms the foundation for deeper cooperation in science and technology. Reaffirming Pakistan's strong commitment to its partnership with ASEAN, Iqbal proposed a forward-looking vision for ASEAN-Pakistan technology collaboration. He outlined three strategic pillars to drive this agenda: fostering knowledge and talent exchange through academic partnerships and innovation fellowships; building joint research and development platforms in emerging fields; and ensuring that technology contributes to sustainable and inclusive development, particularly in areas such as climate resilience, health, and education. The minister also highlighted recent milestones in Pakistan's journey toward a knowledge-based economy. These include the launch of the National AI Policy, the creation of Special Technology Zones to attract global investment, the digitisation of governance through the E-Pakistan initiative, and the strengthening of institutions such as NUST and Ignite to support startups and applied research. He emphasised that the future must be built through cooperation, innovation, and shared vision. Commending NUST for its leadership in technology education and research, he called upon the youth to develop technologies that serve not just markets, but the greater public good. The minister expressed hope that the ASEAN-Pakistan Technology Expo would mark the beginning of a new era of collaboration, shaping a smarter, greener, and more inclusive future for the region. In his concluding remarks, Iqbal issued a compelling call to action, urging all stakeholders to reimagine ASEAN-Pakistan relations not merely through the traditional lenses of trade and diplomacy, but as a dynamic technology alliance for inclusive and sustainable prosperity. He also proposed the following action steps for consideration at EXPO 2025: Establish an ASEAN-Pakistan Technology Cooperation Forum that convenes annually to identify joint initiatives, exchange innovative ideas, and evaluate collaborative progress. Launch an ASEAN-Pakistan Startup Bridge aimed at connecting incubators, venture capitalists, and entrepreneurs across the region to foster a vibrant cross-border innovation ecosystem. Promote the development of regional standards and interoperability in digital technologies to enable efficient, seamless collaboration and integration among member states. Encourage the co-hosting of technology expos, hackathons, and innovation challenges that actively crowdsource solutions to shared developmental challenges and stimulate youth-led innovation. Institutionalise a structured digital dialogue bringing together policymakers, academia, industry leaders, and young innovators to ensure that technology policies remain inclusive, future-oriented, and people-centered. In his welcome remarks, Umar Khan, Project Director of the National Centre of Robotics and Automation (NCRA) at NUST, acknowledged the pivotal role of Ahsan Iqbal in establishing key national research centers. He highlighted that the NCRA, along with the National Centre of Artificial Intelligence, National Centre of Big Data and Cloud Computing, National Centre of Cyber Security, and the National Centre of GIS and Space Applications, were all launched in 2017-2018 as part of the minister's vision to propel Pakistan into a technology-driven future. He noted that Iqbal's unwavering dedication has transformed these initiatives into thriving ecosystems of innovation, commercialisation, and national impact. Copyright Business Recorder, 2025
